Arab Today, arab today dubai islamic bank group profit up
Last Updated : GMT 08:38:00
Arab Today, arab today
Arab Today, arab today

Dubai Islamic Bank Group profit up

Arab Today, arab today

Arab Today, arab today Dubai Islamic Bank Group profit up

Dubai Islamic Bank
Dubai - WAM

Dubai Islamic Bank, the first Islamic bank in the world and the largest Islamic bank in the UAE by total assets, yesterday announced its results for the year ended December 31st, 2014.
The report says that Net Profit for the year 2014 increased to Dh2.80 billion, up 63% compared to Dh1.70 billion for 2013. Gross Revenue increased to Dh6.3 billion, up 20% from Dh5.3 billion for the year 2013. Net operating revenue increased to Dh5.6 billion, up 32% from Dh4.2 billion for 2013 on account of growth in core business. Net operating profit before impairment stood at Dh3.52 billion, up 38% from Dh2.55 billion for 2013. Cost to income ratio improved from 39.9% in 2013 to 36.7% in 2014.
The report says that net revenue for the period ended 2014 amounted to Dh5,569 million, an increase of 31.5% compared with Dh4.2 billion in the same period of 2013. The increase in net revenue is mainly due to growth in core business coupled with savings achieved due to early settlement of high cost funding using bank's surplus liquidity. Despite intense competition and aggressive pricing seen in the market, the bank was able to improve the net funded income margin to 3.57% from 3.34%.
Speaking on the report's contents, Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler's Court of Dubai and Chairman of Dubai Islamic Bank, said, "2014 has been an exceptional year for the bank as evidenced by its strongest results in the bank's history with full year net profits reaching Dh 2.8 billion, an increase of 63% compared to 2013. The strong results have been achieved despite challenging conditions in the latter part of the 2014 around oil price and equity market volatility. Dubai is strongly positioned to withstand the current volatilities in the oil market given its diversified economy and infrastructure and DIB's 2014 performance echoes the bank's strategic alignment to support the growth agenda of the Emirate as well as its ambitions to become the global capital of Islamic economy.
DIB Managing Director, Abdulla Al Hamli, said, "The strong positive results for the year 2014 is a testament to the bank's capabilities in the current macro-economic and business landscape. Throughout the year, DIB have continued to progress in the industry through launching award winning products and services focused on benefitting our customers. The bank's successful and active participation in supporting this year's high level summit "The 10th World Islamic Economic Forum" in Dubai has further strengthened the institution's franchise in the Islamic world and DIB is now seen as one of the leading Islamic banks with a growing international footprint.
DIB Chief Executive Officer, Dr. Adnan Chilwan, said, "We started 2014 with a well-defined growth agenda marking the end of the consolidation phase running from 2009 to 2013. The successful execution of this consolidation phase resulted in a robust platform allowing the bank to seamlessly switch gears. Despite the relatively subdued market, the bank has witnessed a 63% hike in net profit and 32% jump in financing book compared to the same period last year, and all stemming from regular, core and normal banking activities.
"We are now looking beyond just the financials. Our deliberate and focused growth strategy and unconventional approach has led to an organisational transformation where every employee strongly believes that our potential is limitless. Customer centricity and relentless innovation forms the core of our strategic agenda providing us with an unparalleled edge in the industry, and setting the standard for others to follow.
"We have redefined service across the UAE market with the "SMART BANK" launch reinforcing our customer focus around selling satisfaction rather than products, and keeping banking simple. Global economic growth and development has seen a major shift over the last decade with Asia and in particular, Middle East, South Asia and Far East being amongst the major drivers. In most of these high growth nations, Islamic Finance is essentially being seen as a key component of economic progress and prosperity which in turn, has led to substantial enhancement of wealth across a growing population fuelling massive liquidity within the Islamic investor base.
"As the world's first Islamic bank, we at DIB shoulder the responsibility of developing this fast growing segment into a global norm for banking and finance. Moving towards 2015 as the franchise celebrates its 40th year anniversary, we look forward to continuing the momentum we have built so far leading the institution to new frontiers of excellence and supporting not only the development and growth of Islamic finance but also the aspirations of the nation and all our stakeholders.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dubai islamic bank group profit up Arab Today, arab today dubai islamic bank group profit up

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday